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VLD [36.1K]
2 years ago
9

During January, Luxury Cruise Lines incurs employee salaries of $2.4 million. Withholdings in January are $183,600 for the emplo

yee portion of FICA, $360,000 for federal income tax, $150,000 for state income tax, and $24,000 for the employee portion of health insurance (payable to Blue Cross Blue Shield). The company incurs an additional $148,800 for federal and state unemployment tax and $72,000 for the employer portion of health insurance.
Record the employee salary expense, withholdings, and salaries payable.
This is what i have so far please help!
Debit 2Million
Credit FICA 153,000
Credit Income Tax 425000
Credit Account payable ????
Credit Salaries Payable ????
Business
1 answer:
garri49 [273]2 years ago
6 0

Answer and Explanation:

The journal entry to record the  employee salary expense, withholdings, and salaries payable is shown below:

Salaries expense Dr $2,400,000

     To Income tax payable  ($360,000 + $150,000) $510,000

     To FICA tax payable $183,600

     To Account payable $24,000

     To Salaries payable $1,682,400

(being employee salary expense, withholdings, and salaries payable is recorded)

Here the expenses are debited and payable are credited as it increased the expenses and liabilities

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The deadweight loss associated with output less than the competitive level can be determined by A. subtracting the consumer surp
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Answer:

C. subtracting the competitive level producer surplus from the producer surplus associated with less output

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Deadweight loss is also created due to taxes as they prevent people from purchasing things that they would otherwise as the final price of the product increases.

The deadweight loss associated with output less than the competitive level can be determined by subtracting the competitive level producer surplus from the producer surplus associated with less output

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A company with excess capacity must decide between scrapping or reworking units that do not pass inspection. The company has 13,
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